SmugDoge: A Deflationary Token That Rewards Holders and Enhances Liquidity
The SmugDoge whitepaper was written and published by the core project team on October 28, 2021, within the Harmony ONE ecosystem, aiming to incentivize long-term holding and build a community through an innovative tokenomics model.
The theme of the SmugDoge whitepaper is “SMUG Tokenomics and why SmugCantRug and why owning liquidity vs renting is better for crypto.” What makes SmugDoge unique is its proposal of a 10% transaction tax (5% distributed to holders, 5% injected into the liquidity pool) and a 30% initial burn mechanism to achieve deflation and reward long-term holders; the significance of SmugDoge lies in its aim to bring a new community-driven asset to the Harmony ONE ecosystem and, through its deflationary model and liquidity strategy, provide users with potential value growth opportunities.
The original intention of SmugDoge is to create a sustainable, community-driven token that addresses the high volatility and lack of long-term holding incentives in traditional cryptocurrencies. The core viewpoint expressed in the SmugDoge whitepaper is: by combining transaction tax, automatic liquidity increase, and token burn mechanisms, it is possible to establish a self-sustaining and ever-growing asset within a decentralized community, thereby achieving continuous rewards for holders and stable development of the ecosystem.
SmugDoge whitepaper summary
What is SmugDoge
SmugDoge (token symbol: SMUG) is a decentralized token project issued on the Harmony blockchain. It was launched on October 28, 2021. You can think of it as a digital collectible or a special kind of “cryptocurrency,” designed to encourage long-term holding rather than frequent trading. The project aims to bring together brand and logo enthusiasts through its unique mechanism, and integrate with other projects and farms in the Harmony ONE ecosystem for joint development.
Tokenomics Features
SmugDoge token has a rather special mechanism: it charges a 10% tax on all transactions (buys and sells). This 10% tax is split into two parts:
- Rewards for holders: 5% of the tax is automatically distributed to all SmugDoge holders. This means that as long as you hold SMUG tokens, your token balance may increase even if you do nothing, similar to earning interest from a bank—this is called “automatic yield generation.”
- Increasing liquidity: The other 5% of the tax is automatically added to the project’s liquidity pool and locked. The liquidity pool can be understood as a fund pool that ensures smooth buying and selling of tokens. By continuously increasing liquidity, it theoretically creates a rising price floor for the token and allows for larger trades to occur with less impact on price.
This design is intended to incentivize people to hold tokens long-term and reduce short-term speculation.
Regarding token supply, SmugDoge has a total supply of 1P SMUG (i.e., 1 quadrillion), with a self-reported circulating supply of about 648.96 trillion SMUG. At project launch, 30% of the token supply was permanently burned and removed from circulation. In addition, 68% of the supply was placed into a locked liquidity pool.
Technical Features
SmugDoge is built on the Harmony blockchain using the HRC-20 standard. The HRC-20 standard is similar to Ethereum’s ERC-20 standard, defining the basic rules for tokens to operate on the Harmony network and ensuring token compatibility and interoperability.
Common Risk Reminders
Investing in cryptocurrencies always carries risks, and SmugDoge is no exception. Here are some common risks to be aware of:
- Market volatility risk: Cryptocurrency prices are highly volatile, and the price of SMUG tokens may rise or fall sharply in a short period, or even go to zero.
- Liquidity risk: Although the project has a mechanism to increase liquidity, if trading volume is insufficient, you may find it difficult to buy or sell large amounts of tokens at ideal prices.
- Project information transparency risk: Currently, there is limited publicly available official information about the SmugDoge project (such as whitepaper, team details, detailed roadmap, etc.), which increases uncertainty about the project’s true situation and future development.
- Smart contract risk: Any project based on smart contracts is subject to risks of code vulnerabilities or attacks, which could result in loss of funds.
- Regulatory risk: Global regulatory policies on cryptocurrencies are still unclear and constantly changing, which may affect project operations and token value.
Please note: The above information is only a preliminary introduction to the SmugDoge project (Harmony chain version) and does not constitute any investment advice. Before making any investment decisions, be sure to conduct thorough independent research (DYOR - Do Your Own Research) and consult a professional financial advisor.
Verification Checklist
- Block explorer contract address: The SmugDoge contract address on Harmony chain is
0x44afdbe2cb42cc18759159f7e383afb0ca8e57ad. You can view its transaction records and holder information on the Harmony block explorer.
- Official website/community: According to CoinMooner and CoinMarketCap, SmugDoge has an official website and Telegram community. It is recommended to visit these channels for the latest and most detailed information.
Project Summary
SmugDoge is an HRC-20 token based on the Harmony blockchain, with its core feature being a transaction tax mechanism designed to encourage long-term holding by distributing rewards to holders and increasing liquidity. It seeks to find its place within the Harmony ecosystem. However, currently, publicly available detailed project information—especially regarding its vision, technical details, team composition, governance model, and future roadmap—is relatively scarce. For anyone interested in SmugDoge, it is strongly recommended to conduct in-depth research through official channels to understand the latest developments and potential risks. Cryptocurrency investment is high risk, so please be cautious.